In what may spell disappointment for those having taxable income of Rs 1 crore and above, the surcharge of 10 per cent levied on them last year, will continue for one more year till March 2015.
According to the Finance Bill 2014, the surcharge on individuals, Hindu undivided families (HUFs), firms and entities will continue to pay the surcharge till next year.
Also, the 5 per cent surcharge on domestic companies with total annual income of more than Rs 1 crore but less than Rs 10 crore will continue. Those with income exceeding Rs 10 crore will pay a surcharge of 10 per cent.
However, “in keeping with the conventions”, the finance minister refrained from making any changes in the Finance Bill.
Expressing disappointment on the continuation of the surcharges, tax experts said the government should clarify its stand on several unfinished agenda on direct tax front.
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Rahul Garg, leader direct tax, PwC India, said, “Additional surcharges were levied last year with the plan that they would be there for one year only. Their continuation is a disappointment. We hope they are removed when the new government brings in its Finance Bill.”